After one of the creators of EOS hinted that its controversial constitution would be replaced with a new one, the EOS price led the large-cap cryptocurrency index on Wednesday. The cryptocurrency market appeared stable for the day, recording a drop of about $1.2 billion in aggregate market cap over the past 24 hours.
EOS Price Bounces Back Despite thw Drop in Market Capitalization
Even with the drop in aggregate market cap, the price of EOS went up by 5.4%.
EOS is currently trading on Binance at an equivalent of $8.13 and a circulating market cap of $7.3 billion. At face value, the increment in price may appear insignificant, but it turned out to be the best 24-hour performance of any top-40 cryptocurrency and was ranked 5 on the list of the top 100 coins.
EOS Price Today / USD
This movement though not astounding was a welcome development for the asset which has been performing poorly since the launch of its independent blockchain. Its decline in trade was attributed to a number of controversies including constitutional crisis and a bug freezing the EOS blockchain for many hours.
EOS Proposes To Change Constitution
It is right to conclude that the bump in the price of EOS is as a result of the proposal by the EOS development team to change its constitution. Unlike the present constitution used by EOS which outlines the network’s on-chain governance model, the new one would give less authority to block producers and arbiters.
Daniel Larimer, the chief architect of EOS and one of the writers of the original constitution, stated weeks after the network’s launch that the current EOS constitution is not wise. Larimer believes that if the proposed constitution is adopted, not only will the EOS price improve but users will also have more autonomy and will be able to opt-in to third-party arbitration whenever they want to. Standard arbitration should, however, be reserved to settle disputes about the “intent of code” and not for recovering stolen private keys of aggrieved users.